What does transferring ownership rights from the current owner to another person called?

Transferring ownership rights from the current owner to another person is referred to as assignment. In the context of insurance and legal agreements, an assignment allows the original owner (the assignor) to pass their rights and obligations under a contract to a new party (the assignee). This process is important because it legally transfers the benefits and responsibilities associated with the ownership from one individual to another.

For example, in the insurance industry, policyholders may assign benefits to healthcare providers, allowing those providers to receive payments directly from the insurance company instead of the policyholder. This facilitates smoother transactions and ensures that providers are compensated without unnecessary delays.

The other choices represent different concepts. A deed typically refers to a legal document that reflects the transfer of real property. A transfer agreement is a broader term that might encompass various conditions under which ownership can change, including assignments but is not specifically used in this context. A liability release addresses the relinquishment of liability but does not pertain to the transfer of ownership rights. Therefore, assignment is the most accurate term for the situation described in the question.